Canada too has almost no inventory. Dangerously low. Sales to Listings are through the roof. Prices have jumped.
What the hell is happening? I heard part of it might be the skyrocketing cost of wood. I know BC has shuttered a lot of mills recently I wonder if that has had an impact.
I've read that it's people fleeing condos for more space in a house because they don't want to do lockdown again in a 500 square foot concrete box. A time killing hobby of mine is following real estate on mls in western Canadian cities where I would choose to move my business to, Kelowna, Vancouver, Whistler, Canmore...at the low end there does seem to be super low inventory, which if you follow the logic above of not wanting to risk lockdown in a box, makes sense. Not going to downsize into a condo and not going to move unless necessary right now. We were looking to buy in early summer and everything in the 500-650 range that wasn't rundown went in a day or two.
At the super high end, everything in Kelowna, Whistler and W Van seems to sell unless it's hugely overpriced or un-renovated (no one has time to wait for that now) IE rich people want an escape from the potential disruptions and/ or the sense of a secure estate. In the middle (say $700k- $1m) everything except the perfectly renovated houses seems to sit on the market. My guess is move-uppers can't or won't risk it and move-downers would prefer to hold on to their larger property for the time being.
When we were looking to buy, we decided to rent (a house) on the theory the market will collapse along with the broader economy, which made sense. Of course, just like bitcoin and gold which never took off in the collapse, real life and theory don't always match up.